How Can You Create a BSC Token?

Differences Between Crypto Coins and Tokens

Cryptocurrencies are conditionally divided into 2 categories: coins and tokens. There are some differences between them that are easy to understand. The coins have a native blockchain, as is the case with bitcoin. ETH is launched on its own Ethereum blockchain. Coins usually provide some utility on the network, such as paying a transaction fee, staking, or participation in governance.

Let’s Move From Theory to Practice: Create a Custom Token

First of all, connect to the Binance smart chain BSC Platform Metamask extension to create a BEP20 token.

Learn More About Binance Smart Chain Network

Binance Chain launched the Binance exchange in April 2019. The Binance Token ($BNB) cryptocurrency base is optimized for ultra-fast trading. To achieve this, several compromises had to be made, one of which was that it was not as flexible as other blockchains due to programmability. Smart contracts combined into a single System optimized for fast trading can significantly overload the network. How Ethereum’s CryptoKitties stalled the blockchain at the peak of its popularity and scalability remains one of the most difficult hurdles in the path of blockchain development.

What Is Binance Smart Chain (BSC)?

Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel with Binance Chain. However, BSC has smart contract capabilities and compatibility with the Ethereum Virtual Machine (EVM). The purpose of the creation is to make Binance Chain without changes in throughput by introducing smart contracts into its own ecosystem.

  • Ethereum (ETH) — $369.34 B
  • Tether — $78.44 B
  • BNB — $68.74
  • USD Coin — $52.09 B
  • Cardano (ADA) — $38.63 B.

What Are BEP20 Tokens?

BEP20 token is a variety of crypto assets that do not have their own blockchain but are built on top of the Binance Smart Chain (BSC) smart contract blockchain. The BEP20 technical standard is used for all smart contracts on Binance Smart Chain to implement tokens. If you begin to understand the difference between Binance Chain and Binance Smart Chain, then you will quickly understand what a BEP20 token is.

Guide: How to Create a BSC Token?

The creation of a BEP20 token is similar to the creation of a token on Ethereum and BSC. Both processes require the same programming language, tools, and thought processes to be used. Solidity is used to create the BSC token, and the only tools needed are the Remix browser-based crypto wallet and MetaMask account.

Step 1

Get a Node

For this step, you need to find a node to connect the MetaMask wallet. After that, you can connect to various blockchain networks. Open a node, and you will see a list of endpoints and other available nodes. Here you get a list of nodes such as the Testnet node and the BSC Testnet archive node. Click the “Copy to Clipboard” button on the BSC Testnet node, and you can move on to the next step.

Step 2

Installing a Custom RCP

For this step, use the MetaMask wallet. You can use the wallet to upload a new token and access the token after launch. In the meantime, click on the symbol and open the wallet. Now you can see the list of networks at the top. Scroll down and look for the Custom RCP option. This option will provide a list of input fields. Enter the required information and continue.

Step 3

Collect Your BNB

The next step to creating a BEP20 token requires you to have a few BNB coins in your wallet. If you don’t have them, you can purchase them on the mainnet.

Creation of the BEP20 Token

The most significant advantage of decentralization and open-source software is the freedom to copy, paste and modify code. You can find the code for this process in OpenZeppelin. The platform is an open-source organization that can map various token standards for developers to use. Since BEP20 is similar to Erc-20, the token standard Erc-20 token code can be used for this process.

  1. Copying code from OpenZeppelin requires some modifications to a few lines of code. Don’t forget to change these elements and code when creating the token.
  2. The first line of code should indicate the version of Solidity used for development.
  3. The next line is for importing the template. This line contains a URL link that contains the entire token structure.
  4. Now copy the smart contract of the token. In this part, you can change the parameters of the token.
  5. The second line of code refers to running the constructor when the token is created. Here you can specify the name of the token and its symbol.
  6. The next line is about creating a token and sending a receipt to the user’s wallet when you deploy smart contracts. In this part, you can enter the total number of BSC tokens you want to mainnet.

Benefits of Developing Your BEP20 Token

The use of different variants of tokens can bring convenience, benefit and material income. It is worth paying attention to the following positive sides of developing a token:

  1. You can develop and launch your own blockchain project with specific tokens within any business. This will bring obvious potential to the future development of the company.
  2. Tokens noticeably optimize and speed up trading processes due to the convenience of working with virtual currencies. There is no additional congestion due to the acceptance and processing of fiat money.
  3. Business gets rid of intermediaries. At the stage of smart contracts, it is not difficult to prescribe their participation.
  4. The use of tokens multiplies the basic functionality of the platform, expanding its potential.
  5. Tokens will help streamline the use of the service.

Conclusion

These steps help you to develop a BSC token with a smart contract in Binance Chain. The process is simple, and you need minimal programming skills. If you are not sure that you can handle it on your own, seek help from professionals to get a modern solution. Token ownership is due to certain goals. Use your own cryptocurrency for internal company activities, validate transactions or for other purposes with basic functionality.

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